Falling Back Into A Bear Market
After we’d finally made our way out of the bear market lasting over 200 days, we’re right back in it. It’s been 4 days in this bear trend and we already see significant shifts in unemployment rates and new car sales with one small positive.
Unemployment rates are on the rise once again with many major retailers like Bed Bath and Beyond already announcing major job losses as they will close over 150 stores around the country.
And they are not alone as more retail stores struggle to keep up with the rise in online shopping. The current unemployment rate sits at 3.7% up from 3.5% just last month.
New car sales continue to drop. Now at -1.4%, it’s still more cost effective to buy a new car as inflation continues to drive up the cost on used vehicles.
The only positive Metrix data is that gas prices continue to tumble too $3.77 after hitting a national average of $5.01 last month.
Track of all the latest inflation data and economic health of the markets at metrixfi.com